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Full text of "Shipping Practice"

GENERAL AVERAGE                                 69

The collection of contributions and deposits is usually
carried out by the shipowner, and these sums are paid into
a "General Average Account/* which is a joint account,
in the name of the shipowner and a representative of the
cargo owners. The interest that is earned by this money
whilst on deposit in the joint account is for the benefit
of the depositors, and is included in the final statement.

Where the cargo owner has insured against general
average losses the underwriter usually pays an amount
equal to the cargo owner's proportion, and should there be
any refund when settlement is made, this is refunded to the
underwriter.

When the adjustment is complete copies are circulated to
all parties concerned and the settlement is then made.

It will be seen on reference to the appendix that there
are two sets of York-Antwerp Rules, the 1924 and 1950
codes. Both codes are in operation, and the bill of lading
or charter-party should be clearly worded stating under
which code of rules settlement shall be effected.

The rule of interpretation at the commencement of the
1950 code, makes it clear that the 1950 Rules form a
General Average code in themselves and defines the
relative functions of the lettered rules and numbered rules.

The rules are included in the appendix of this volume,
and should be closely studied and comparison made between
the 1924 code and the 1950 code.